Target to issue Target-only credit card to new accounts

New York City Target Corp. said Tuesday it is issuing a Target Credit card to new qualifying card applicants, no longer offering the Target Visa Credit Card to new accounts effective April 29.

The move sans Visa is intended to motivate more sales, said the retailer.

According to Target, customer customers will be able to use the new credit card only at Target stores and Target.com, rather than at establishments that take Visa.

Target will have to fund fewer receivables as a result of the move, the company said.

In tests conducted over the last several months, customers spent more at Target when issued Target Credit cards than when they were issued Target Visa cards, the retailer said.